Positive trading across neighboring Asian markets, especially the markets in Australia, Japan, Hong Kong and China and positive trading across the European markets helped key indices in Indian market - the broader Nifty index and the benchmark BSE-30 Sensex end in positive territory for the second successive trading session Monday. The Nifty index, having opened flat from previous close drifted lower on disturbing political climate and weakness in banks to as low as 5796 in early trading, but recovered smartly in afternoon session led by dip buying in realty, metal, power and bank stocks and ended at 5,907, a gain of 50.30 points or 0.86%.
Analysis of futures and options segment suggests that around 17.70 lakh shares got reduced in open interest with a significant increase in the cost of carry, indicating today’s rally was due to short covering. On the options front, implied volatility decreased marginally, indicating that some more pullback is on the cards which could be seen in the coming days.
Indian IPO Market Update
- MOIL Limited IPO shares will list on Wednesday, December 15, 2010. Issue price of this IPO has been fixed at Rs 375/- per share. IPO was oversubscribed by 56.43 times (32.86 times in retail).Punjab & Sind Bank IPO subscribed 0.68 times on its day 1.
- Punjab & Sind Bank IPO opened today on Dec 13, 2010 and will close on Dec 16, 2010 for subscription. Punjab & Sind Bank has received bids for 2,70,20,100 shares as against issue size of 4,00,00,000 shares.
- Before year-end, the I-T Department has put more than 380 M&A deals from 2007-08 under scrutiny and will slap 7,000 cr transfer pricing cases on MNCs
- Sebi is going to track politicians' MF investments, Facebook and Twitter to find out any wrongdoings. This is a remarkable step where social media has been involved to find out manipulation basically in the markets. However we do not feel that tracking Twitter and Facebook may yield some result as one can stop flow of free info or does it intend gagging of info like China.
- DGCA unhappy with fares on airlines websites.
- History has been created with winter session of Parliament ending without transacting any business and this is the only session virtually washed out.
Support and Resistances for the Day
| Indices | Support | Resistance |
| Nifty | 5800-5760 | 5955-5995-6030-6111 |
| Sensex | 19390 | 19855-19973-20320 |
| Stock | Profit (Rs) |
| Tip | 1530 (Rs 50,000 Trading) |
| Share | Gains (Rs) |
| Tips | 39450 |
| NSE Nifty 50 Stocks | Made Money (Rs) |
| Tipz | 55665 |
HCL Tech, Ispat Ind, Polaris, Wipro, NTPC, Petronet, ACC, Tata Tea, Mphasis & Hindalco.
Weak future stocks at Bombay Stock Exchange
HCC, India Info, DCHL, KS Oils, UCO Bank, Uniphos, TV 18, DCB, Rcom & EKC.
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